Ethereum Ranging While ETH Whales Rapidly Accumulate: Primer To $4,100?

Ethereum, like Bitcoin, is firm and bullish but struggling for momentum. Even amid this optimism, there need to be clear signals on the daily chart for confirmation. Buyers are ecstatic, but perfect entries for conservative traders stand above $3,900 and $4,100. If these levels are surpassed this week, sentiment will sharply turn from neutral, further driving the current leg up.

When writing, Ethereum is flat in the last day and week. Even though the uptrend remains, participation is unusually low at around $14 billion. Only a sharp price breakout might spark demand, helping drive the average trading volume above $40 billion like it was on May 20 and in the lead-up to the spike to $4,100.

As traders wait for bulls to flow back, the following Ethereum news events might help revive demand:

• On-chain data shows that whales and HODLers are accumulating more ETH. Surprisingly, prices remain largely unchanged and within last week’s ranges. The lack of movement could mean that a parabolic surge is in waiting, a welcomed development for optimistic bulls.
• Tether, the issuer of USDT, the largest stablecoin by market cap and actively minted on Ethereum, has invested $18.75M in XREX Group to drive innovation in emerging markets. The goal is also to “innovate regulatory technology” by ensuring that USDT payments for B2B comply with existing laws.

Ethereum Price Analysis

ETH/USD is moving inside a narrow range, with caps at $3,900 and $4,100.

Though buyers are confident that they are ready to push the coin higher, the current situation suggests neutrality.

Even so, aggressive buyers may search for entries, buying on dips above $3,700.

Meanwhile, conservative but bullish traders can wait for a refreshing high-volume close above $3,900 before taking advantage of the rally.

Immediate targets will be $4,100 and later $4,500.

Any dump below $3,700 will slow down the uptrend.